SOUTH SAN FRANCISCO, Calif., Nov. 11 /PRNewswire-FirstCall/ -- Rigel
Pharmaceuticals, Inc. (Nasdaq: RIGL) today announced that the previously
reported results of the Phase 2 clinical trial of R788 (fostamatinib
disodium), the company's oral Syk inhibitor, have been published in the
November 2008 issue of Arthritis and Rheumatism. The article, entitled,
"Treatment of rheumatoid arthritis with a syk kinase inhibitor: A
twelve-week, randomized, placebo-controlled trial" was written by Michael
E. Weinblatt, M.D., et al.

The investigators for this study, also called TASKi1, which enrolled
189 patients with active rheumatoid arthritis (RA) already taking
methotrexate for their disease, found that the 100 mg and 150 mg doses of
R788 showed rapid and significant improvement in patient outcomes as
measured by ACR 20, ACR 50 and ACR 70 response scores. The adverse events
reported were manageable and, in large part, reversible by reduced dosing
or stoppage of drug. The investigators concluded that R788 may offer a new
therapeutic option for patients with RA and that additional clinical
studies were warranted.

Phase 2b update

In June 2008, Rigel initiated two Phase 2b trials of R788 in patients
with RA, TASKi2 and TASKi3, to further explore the safety and efficacy of
the drug candidate in a larger number of patients over a longer time period
in multiple centers in North America, Latin America and Europe. "At this
time, we are pleased to report that we have successfully completed patient
screening for enrollment in TASKi2 and are proceeding with both Phase 2b
trials on schedule," commented Elliott Grossbard, M.D., executive vice
president and chief medical officer of Rigel. Results from both studies are
expected to be available in late summer 2009.

TASKi2 will evaluate RA patients receiving 100 mg of R788 orally, twice
a day or 150 mg once a day, compared with those receiving placebo in a
multi- center, randomized, double blind, placebo controlled parallel dose
study of RA patients who have failed to respond to methotrexate. TASKi2
will enroll 420 patients (all of whom have been identified) to receive
study drug or placebo, along with their steady dose of methotrexate, over a
6 month treatment period.

TASKi3 will evaluate RA patients receiving 100 mg of R788 orally, twice
a day, compared with those receiving placebo in a multi-center, randomized,
double blind, placebo controlled, parallel dose study of R788 in patients
who have failed at least one marketed biologic agent (i.e., anti-TNF
injectibles commonly used to treat RA). Approximately 195 patients are
expected to be enrolled in TASKi3. Each will receive R788 or placebo over a
3 month treatment period.

For more information about the TASKi studies and R788's mechanism of
action in RA and other autoimmune disorders, please visit the company's
website.

Rigel is a clinical-stage drug development company that discovers and
develops novel, small-molecule drugs for the treatment of
inflammatory/autoimmune diseases and cancer, as well as viral and metabolic
diseases. Our pioneering research focuses on intracellular signaling
pathways and related targets that are critical to disease mechanisms.
Rigel's productivity has resulted in strategic collaborations with large
pharmaceutical partners to develop and market our product candidates. Rigel
has product development programs in inflammatory/autoimmune diseases such
as rheumatoid arthritis, thrombocytopenia and asthma, as well as in cancer.

This press release contains "forward-looking" statements, including
statements relating to the potential efficacy of R788, enrollment rate in
trials, as well as Rigel's plans to pursue clinical development of R788.
Any statements contained in this press release that are not statements of
historical fact may be deemed to be forward-looking statements. Words such
as "plans," and "expected," and similar expressions are intended to
identify these forward-looking statements. There are a number of important
factors that could cause Rigel's results to differ materially from those
indicated by these forward looking statements, including risks associated
with the timing and success of clinical trials and the commercialization of
product candidates, potential problems that may arise in the clinical
testing and approval process and Rigel's need for additional capital, as
well as other risks detailed from time to time in Rigel's SEC reports,
including its Form 10-Q for the quarter ended September 30, 2008. Rigel
does not undertake any obligation to update forward-looking statements.

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